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ORDINANCE NO. 9 64 9
AN ORDINANCE SUBMITTING TO THE VOTERS OF THE CITY OF
LITTLE ROCK, ARKANSAS THE QUESTION OF ISSUING BONDS
FOR THE PURPOSE OF DEVELOPING AND IMPROVING THE
LITTLE ROCK MUNICIPAL AIRPORT; PRESCRIBING OTHER
MATTERS RELATING THERETO; AND DECLARING AN EMERGENCY
WHEREAS the Little Rock Municipal Airport Commission has
advised the City Council that certain development and improvement
work is immediately necessary to provide adequate facilities for the
Little Rock Municipal Airport and has presented plans and estimates
of cost for such development and improvement work; and
WHEREAS said plans and estimates reflect that the total
cost of the proposed developments and improvements is $300,000; and
WHEREAS the City Council has determined that the proposed
development and improvement wore is necessary and in the best in-
terests of the City of Little Rock, Arkansas and the inhabitants
thereof; and
WHEREAS the City does not have sufficient funds available
to pay the cost of said development and improvement work, and it will
be necessary to issue and sell bonds of the City in the aggregate
principal amount of $300,000; and
WHEREAS the City of Little Rock is a city of the first
class and has authority under Amendment No. 13 to the Constitution
of the State of Arkansas, subject to the approval of its electors, to
issue bonds for that purpose;
NOW, THEREFORE, BE IT ORDAINED by the City Council of the
City of Little Rock, Arkansas:
Section 1. That there be submitted to the electors at
the general election to be held in the City of Little Rock, Arkansas
on Tuesday, November 2, 195+, the question of issuing $300,000 in
bonds to be dated January 31, 1955 for the purpose of developing and
improving the Little Rock Municipal Airport. The bonds are to be
sold at public sale and shall bear interest at a rate not to exceed
two and one -half per cent (2-2%) per annum, payable semi - annually on
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February 1 and August 1 of each year, commencing August 1, 1955. The
bonds are to mature on February 1 of each year as follows, but are
callable at the option of the City on such terms as may be specified
in the notice of sale:
Section 2.
$34,000 in 1958
$35,000 in 1959
$36,000 in 1960
$37,000 in 1961
$38,000 in 1962
$39,000 in 1963
$40,000 in 1964
$41,000 in 1965
That the question be placed on the ballot for
the election in substantially the following form:
Vote on measure by placing an "�" in the square
above the measure either for or against:
For the issuance of bonds in
the amount of $300,000 ...................
Against the issuance of bonds
in the amount of $300,000 ................
It is proposed to issue $300,000 in bonds, pay-
able serially on February 1, 1958 to 1965, inclusive,
to bear interest at a rate not to exceed 2 o per
annum, for the purpose of developing and improving
the Little Rock Municipal Airport.
Section 3. That said election shall be held and conducted
and the vote canvassed and the results declared under the law and in
the manner now provided for municipal elections, and the Mayor of
the City of Little Rock is hereby authorized and directed to give
notice of the election by an advertisement published weekly once a
week for four (4) consecutive weeks in a newspaper published in the
City of Little Rock, Arkansas and having a bona fide circulation
therein, the last publication to be not less than ten (10) days prior
to the date of the election, and only qualified voters of the City of
Little Rock, Arkansas shall have the right to vote at said election on
said question.
Section 4. That the result of said election shall be pro-
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claimed by the Mayor and his proclamation shall be published one time
in a newspaper published in the City of Little Rock, Arkansas, and the
result of said election as proclaimed by the Mayor shall be conclusive
unless attacked in the courts within thirty (30) days after the date
of such proclamation.
Section 5. That it is hereby ascertained and declared that
the present facilities of the Little Rock Municipal Airport are
wholly inadequate and that there is an immediate and urgent need for
the development and improvement of the Municipal Airport, and that
only by the issuance of the bonds above referred to can adequate
facilities be made available. It is, therefore, declared that an
emergency exists and this ordinance being necessary for the preserva-
tion of the public peace, health and safety shall be in force and take
effect immediately on and after its passage.
PASSED: September 27 , 1954.
APPROVED:
Acti g Mayor
ATTEST
City Clerk